{"id":8619,"date":"2009-11-09T19:47:39","date_gmt":"2009-11-09T23:47:39","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8619"},"modified":"2009-11-09T19:47:39","modified_gmt":"2009-11-09T23:47:39","slug":"november-9-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8619","title":{"rendered":"November 9, 2009"},"content":{"rendered":"

The G-20 discussed a Tobin tax<\/a>:<\/p>\n

Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy\u2019s expansion is less crisis-prone.<\/p>\n

U.K. Prime Minister Gordon Brown told a meeting of finance chiefs in St. Andrews, Scotland today that such a levy could prevent excessive risk taking and fund future bank rescues, adding momentum to a debate begun by France. U.S. Treasury Secretary Timothy Geithner said a \u201cday-by-day\u201d tax on speculation is \u201cnot something we\u2019re prepared to support.\u201d<\/p><\/blockquote>\n

Clearly a lunatic view. Or populist. Or … perhaps even pre-emptive, to spike the guns of the French! Because after all, even the speaker states:<\/p>\n

Brown, who didn\u2019t say whether he\u2019d ultimately endorse such a levy, said any policy would need to be implemented by all financial centers including those in the Middle East, Asia and Switzerland.<\/p><\/blockquote>\n

There’s nothing wrong in principal with taxing the financial sector in order to pay for bail-outs – but a Tobin tax will kill liquidity and encourage buy-and-hold carry trades – which are precisely the trades that killed the brokerages and banks in the first place. Much better is a beefed-up deposit insurance scheme – which has been proposed by Treasury in connection with the multi-nationals.<\/p>\n

Mind you, in Canada we can’t even fund the deposit insurance we have properly. There’s a capital tax on banks, but the government blows it on useless garbage<\/a>.<\/p>\n

BIS has published the Report to G20 Finance Ministers and Governors: Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations<\/a>, which is the missing reference in Julie Dickson’s recent speech<\/a>.<\/p>\n

The Financial Post ran an article regarding Canadian Alternative Trading Systems, Men of Shadows<\/a>.<\/p>\n

The Canadian preferred share market edged up today, with PerpetualDiscounts ahead by 3bp on the day while FixedResets were up 8bp. Volume dropped off again, with FixedResets dominating what little action there was.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.2354 %<\/td>\n1,487.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.30 %<\/td>\n4.39 %<\/td>\n46,962<\/td>\n18.31<\/td>\n1<\/td>\n6.2847 %<\/td>\n2,471.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.62 %<\/td>\n3.10 %<\/td>\n93,245<\/td>\n19.46<\/td>\n3<\/td>\n1.2354 %<\/td>\n1,858.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.80 %<\/td>\n-10.25 %<\/td>\n118,584<\/td>\n0.09<\/td>\n14<\/td>\n0.1804 %<\/td>\n2,305.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.34 %<\/td>\n6.40 %<\/td>\n396,198<\/td>\n3.90<\/td>\n2<\/td>\n-0.1964 %<\/td>\n2,085.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1804 %<\/td>\n2,108.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.88 %<\/td>\n5.76 %<\/td>\n73,800<\/td>\n1.16<\/td>\n4<\/td>\n0.2183 %<\/td>\n1,863.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.92 %<\/td>\n5.96 %<\/td>\n189,333<\/td>\n13.92<\/td>\n70<\/td>\n0.0251 %<\/td>\n1,751.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.50 %<\/td>\n4.09 %<\/td>\n399,234<\/td>\n3.97<\/td>\n41<\/td>\n0.0753 %<\/td>\n2,121.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-09
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-09
\nMaturity Price : 24.12
\nEvaluated at bid price : 24.45
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-09
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-09
\nMaturity Price : 12.75
\nEvaluated at bid price : 12.75
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-09
\nMaturity Price : 12.81
\nEvaluated at bid price : 12.81
\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n6.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-09
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.25
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n212,425<\/td>\nTD crossed 200,000 at 27.10.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.03
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n87,000<\/td>\nRBC crossed 30,900 at 27.30 and 36,800 at 27.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.30
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n45,845<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n37,945<\/td>\nRBC crossed 34,700 at 26.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
PWF.PR.D<\/td>\nOpRet<\/td>\n34,425<\/td>\nTD bought 25,000 from Nesbitt at 26.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2009-12-09
\nMaturity Price : 25.60
\nEvaluated at bid price : 26.30
\nBid-YTW : -24.61 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n30,927<\/td>\nNesbitt bought 17,200 from RBC at 27.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.22
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
There were 22 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The G-20 discussed a Tobin tax: Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy\u2019s expansion is less crisis-prone. U.K. Prime Minister …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-8619","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8619"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8619\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}